Wells Fargo Confirms Termination of 2016 OCC Sales Practices Consent Order
February 15 2024 - 10:39AM
Business Wire
Wells Fargo today confirmed that the Office of the Comptroller
of the Currency (OCC) terminated a consent order it issued in 2016
regarding sales practices misconduct. The consent order required
Wells Fargo to revamp how it offers and sells products and services
to consumers and take additional actions to protect its customers
and employees.
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the full release here:
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Wells Fargo Bank branch located in the
Wells Fargo Center (Photo: Wells Fargo)
Charlie Scharf, Wells Fargo’s CEO, who joined the company in
2019, said of today’s news:
“I have repeatedly said that implementing a risk and control
framework appropriate for a bank of our size and complexity is our
top priority, and closing consent orders is an important sign of
our progress. This is the sixth consent order that our regulators
have terminated since 2019.
Confirmation from the OCC that we have effectively implemented
what was required is a result of the hard work of so many of our
employees, and I’d like to thank everyone at Wells Fargo involved
for their dedication to transforming how we do business. We are a
stronger, better Wells Fargo for our customers and communities, and
we will not lose sight of the remaining work to do.
Our risk and control work remains our top priority.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.9 trillion in assets. We
provide a diversified set of banking, investment and mortgage
products and services, as well as consumer and commercial finance,
through our four reportable operating segments: Consumer Banking
and Lending, Commercial Banking, Corporate and Investment Banking,
and Wealth & Investment Management. Wells Fargo ranked No. 47
on Fortune’s 2023 rankings of America’s largest corporations. In
the communities we serve, the company focuses its social impact on
building a sustainable, inclusive future for all by supporting
housing affordability, small business growth, financial health, and
a low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com
LinkedIn: https://www.linkedin.com/company/wellsfargo
News Release Category: WF-CF
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version on businesswire.com: https://www.businesswire.com/news/home/20240215997329/en/
Media Laurie Kight, 214-532-6286
laurie.kight@wellsfargo.com
Investor Relations John Campbell, 415-396-0523
john.m.campbell@wellsfargo.com
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